Renault And Geely's ICE Engine Joint Venture To Use 8 Factories In China | Carscoops carscoops
will focus on the development, production, and supply of hybrid powertrains and efficient internal combustion engines. The joint venture will operate a workforce of around 19,000 employees in over 130 countries. It will operate as a standalone global supplier and have the capacity to build up to 5 million internal combustion, hybrid, and plug-in hybrid engines and transmissions per year.
The joint venture will allow the car manufacturers to serve important markets where electric infrastructure is underdeveloped.advertisement scroll to continue In early March, it was revealed that Saudi Aramco had signed a letter of intent to become a potential minority shareholder in the joint venture. It is unclear how large Aramco’s stake in the company will be but some reports have suggested it could take a 20 per cent stake, meaning that both Geely and Renault would each own a 40 per cent stake.
“This partnership with Aramco will raise our joint powertrain company together with Geely Group to the next level and give it a head start in the race towards ultra-low-emissions ICE powertrain technology,” Renault Group chief executive Luca de Meo said three weeks ago. “Aramco’s entry brings to the table unique know-how that will help develop breakthrough innovations in the fields of synthetic fuels and hydrogen.
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